Binance Puts Some Limits on Services for Russian Users

by in Cryptocurrency News

Binance Russia crypto limits

Major crypto exchange Binance revealed limiting services for Russian users after the European Union's new package of sanctions.

Related: Binance Will Stop Operations in Ontario, Canada

The company said that it is required to limit services for natural persons and legal entities in Russia that hold crypto assets worth over 10,000 euros (equal to $10,900). In particular, these users will no longer be able to make new deposits or trade. Binance says that they can only withdraw the funds.

The restriction covers all spot, futures, custody wallets, staked and earned deposits. Crypto accounts that have open futures positions with balances over €10,000 must close their accounts in 90 days.

Binance noted that accounts for Russia-linked users that have passed address checks and have crypto worth less than €10,000 won't be affected.

The new restrictions against Russia imposed by the European Union targeted custodial digital wallets that are needed to store, send and receive crypto.